Merrill Lynch, Employees Get OK For OT Settlement

Law360, New York (February 22, 2010, 3:02 PM EST) -- A federal court has signed off on Merrill Lynch & Co. Inc.’s $525,000 settlement with a class of loan officers and other employees who alleged they regularly worked overtime without receiving proper compensation.

Judge Charles R. Breyer of the U.S. District Court for the Northern District of California on Friday gave final approval of a settlement for the Rule 23 class, which includes certain inside account executives, closers and funders who worked for Merrill unit, subprime loan origination firm First Franklin Financial Corp., in California from...
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